In developing an audit plan for each fiscal year, the Office of Internal Audit utilizes an instrument known as a Risk Assessment Model. This Risk Assessment Model is a tool designed to determine, through quantitative means, those auditable entities within the College that pose the highest degree of relative risk.
With the assistance of the College's Vice Presidents and their staffs, values are subjectively assigned to the entities' operations using such weighted ranking criteria as:
Prior audit history
Regulatory compliance and public scrutiny
Reliance upon information technology
Dollar value and liquidity of assets
Organizational change and economic transition within the unit
Using this survey, auditable areas are scored and ranked from those perceived to pose the greatest risk to those representing a lower degree of risk exposure. In addition, the Office of Internal Audit will perform special audits, projects, and investigations as warranted by the needs of the College community.
A tentative audit plan is developed by the Office of Internal Audit, taking into consideration coverage provided by the Georgia Department of Audits and Accounts, and the Board of Regents of the University System of Georgia Office of Internal Audit. The finalized audit plan for the fiscal year incorporates the results of the survey with special requests and recommendations from the College President. This final audit plan is then approved by the College President and submitted to the Board of Regents Associate Vice Chancellor for Internal Audit.